Another dropout has made millions. 22-years-old Lucas Duplan – a Stanford dropout – and a team of friends took on the task of developing an app that would allow users to pay for things by using their phone. The interesting part is that the app hasn’t actually appeared yet and it is not available for people to download. But the thing is, investors have put down a cool R248 million for the mystery app.

Clinkle is the name of Duplan’s company and the only thing to show for the app is what it looks like. It is similar to Paypal in that you use the app to send money to other people or businesses. An anonymous source at TechCrunch provided further details saying:

[It] uses high frequency sound to communicate between devices.

Business Insider reported “a number of patents for his tehnology” have been secured but available records show no patents have been awarded to Duplan, Clinkle or Duplan’s legal team.

The R248 million investment was made by joint investors; Intel, Accel, Andreessen Horowitz, Intuit, Peter Thiel, Marc Benioff and Diane Greene, which according to some, is the “largest seed around in Silicon Valley”.

[Source: ValleyWag]